Venezuela Exporter Guide 2023
The exemption of imported food products from tariffs since 2018, dollarization of the economy, and trade liberalization has created a more enabling environment for exporters and offers renewed opportunities for a range of U.S. agricultural products. The regrowth of Venezuela’s modern retail sector has diminished the role of smaller independent stores (bodegones) that emerged during the economic crisis which exclusively offered imported goods. In 2022, the United States exported USD $741 million in agricultural and related products to Venezuela, a 17 percent increase year-on-year. Still, affordability and fluctuating food price inflation remain critical factors impacting consumer demand and food security. Venezuela’s economic downturn in 2023 may limit certain agricultural imports in the near-term.